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5. A truck costing $20,000 was purchased on January 1, 2004. It was depreciated using the straight-line method with an estimated useful life of 4

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5. A truck costing $20,000 was purchased on January 1, 2004. It was depreciated using the straight-line method with an estimated useful life of 4 years and salvage value of $2,000. If the truck is sold at the end of 2005 for $6,000, how much gain or loss will be recognized? A S 1.000 gain B. $ 5,000 losse C. $ 12,000 loss $ 9,500 loss D

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